Moving Towards Decarbonization

Apraava Energy is embarking on a new journey of transforming India’s energy landscape and becoming one of the largest diversified energy providers. With global concerns about the environment and climate change looming large, Apraava Energy is among the forward-thinking businesses that are acting to transform the world into a zero-carbon economy. For example, Apraava Energy is the only TPP in Delhi-NCR and among few in India having installed FGD to reduce SO2 emissions.

Helping such businesses in their endeavor, the Science-Based Target initiative (SBTi) enables companies to set their science-based emissions reduction targets. Following the Paris agreement in 2015, over 2000 companies around the world committed to SBTi in order to scientifically reduce their CO2 emissions at scale.

Apraava Energy is one of the five integrated energy providers in India, along with Tata Power, Adani Green, ReNew Power, and JSW Energy to have committed to SBTi. Our organization is one of three organizations to have committed to a Business Ambition of well below 2°C scenario whereas the other two of the 5 IPPs have committed to that of 1.5°C. Though committed, all 5 companies in India are currently working towards setting their Science-Based Targets. (Click here to have a look at the list of companies across the world that have committed to SBTi).

Apraava Energy has collaborated with CDP India and is currently working on a measurable, science-based emissions reduction target that will be validated by SBTi.

With the ambition of creating an impact, our investors have also been the pioneers in the decarbonization journey. In 2007, the CLP Group released its first Climate Vision 2050 and since then it has been amended in line with changing needs. In an effort to keep pace with the Group’s ambitious targets, the 2021 version of the Climate Vision 2050 has now been aligned with SBTi. The Group has set a target of achieving net-zero Greenhouse Gas (GHG) emissions across the value chain by 2050 with an aim to reduce the intensity of GHG by 84% by 2040 compared to the emissions in 2019. This basically means that emissions will be reduced to 0.1 kg CO2e/kWh by 2040, down from 0.62 kg CO2e/kWh in 2019.

CDPQ, on the other hand, released its first version of its climate strategy in 2017 and the second version in 2021. The latest version highlights that the global investment group will hold $54 billion in green assets by 2025 for the purpose of actively contributing to a more sustainable economy and achieving a 60% reduction in the carbon intensity of the total portfolio by 2030. Based on CDPQ’s accomplishments since 2017, these two pillars have been further strengthened. Moreover, two new pillars have been added to move CDPQ’s climate action into the next stage. This includes creating a $10 billion transition envelope to decarbonize the main industrial carbon-emitting sectors and making a complete exit from oil production by the end of 2022.

These targets set by CLP Group and CDPQ will ultimately aid in developing Apraava Energy’s SBTi and decarbonization strategy. As we commence this new chapter, we aim to be an important contributor to India’s new energy future. This will help towards India's recent commitment at COP26 to achieve net-zero emissions by 2070.